According to some experts, there is a real possibility that the cryptocurrency will surpass this value this year or even this month.
The price of Bitcoin, the most valuable and best-known cryptocurrency on the market, reached new highs again during today's session, surpassing $92,000, with an accumulated appreciation of more than 30% since Donald Trump's victory in the US presidential election and moving ever closer to the $100,000 threshold.
According to market data consulted by Europa Press , Bitcoin reached a new provisional high of $92,870 on Wednesday, up 6.6% compared to yesterday's session and around 33% since Trump's victory in the White House elections was confirmed last Tuesday.
Since then, when Bitcoin was trading at around $69,400, the benchmark cryptocurrency has continued to break historic highs successively and has already more than doubled its value so far this year.
"Bitcoin is hitting new highs on a daily basis. This rally is likely to continue for some time," says Eric Demuth, CEO and co-founder of Bitpanda, who believes "there is a real possibility that we will see $100,000 this year or even this month."
The Bitcoin rally was sparked by expectations that the new US president will adopt a more pro-crypto stance, as during the election campaign in the race for the White House, Trump promised to turn the United States into the world capital of cryptocurrencies, create a strategic Bitcoin reserve and appoint regulators who would support digital assets.
Once his return to the presidency and the Republican majority in the Senate are confirmed, as well as the probable control of the House of Representatives, the new Administration would have broad powers to implement its policies.
In this sense, Trump did not hide during his campaign that among his first decisions as president would be to replace the current president of the Securities and Exchange Commission (SEC), Gary Gensler, appointed by Joe Biden in 2021 and who has led the SEC's offensive against the cryptocurrency industry.
"With Trump's clear election as the 47th President of the United States, a new direction has been set for the sector," says Demuth, for whom the "unclear" stance of the SEC had been the main source of uncertainty for the sector and this position could soon change "to a transparent and progressive crypto regulation, which lives up to market expectations."
"The current SEC Chairman Gary Gensler is expected to be removed from office no later than February. This decision will likely speed up ongoing court cases and allow existing applications to be processed more quickly, thus facilitating the entry of new applications," it explains.
Overall, Bitpanda’s CEO believes that the sum of all these factors is reflected in the recent price movements, but he stresses that, in his opinion, what is more important is that they indicate the beginning of a new stage that will foster the long-term evolution of the crypto market.
"A greater volume of capital, both retail and institutional, is expected to flow into the market, helping to reduce volatility and support prices," he concludes.
